Westport First Selectman Gordon F. Joseloff said today that Westport’s pension plans, unlike those in Fairfield, had no assets invested with funds controlled by Bernard Madoff.
“Fortunately, Westport did not invest with any of the Madoff entities,” he said. “We’ve checked with our pension advisers and while they certainly were aware of him and his record, they did not deem his investment offerings prudent for our funds.”
The Town of Fairfield has said it had about $42 million in pension fund assets in funds controlled by Madoff.
Madoff, 70, confessed to employees last week that Bernard L. Madoff Investment Securities LLC was “a giant Ponzi scheme” that cost clients $50 billion.
